In an encouraging move, the Directorate General of Foreign Trade (DGFT) has amended the Foreign Trade Policy (FTP) to make it easier for exporters to invoice overseas sales and receive payments in Indian rupees. The DGFT said two paragraphs of the FTP 2023 have been amended to align the provisions relating to denomination of export contracts and eligibility for FTP benefits in respect of export realisation in Indian Rupees with the Foreign Exchange Management (Manner of Receipt and Payment) Regulations 2023. For countries outside the Asian Clearing Union (ACU), export contracts and invoices can now be denominated in either foreign currency or Indian rupees.
Regarding this, economic think tank GTRI said eligible rupee payments received through approved banking channels will also qualify for FTP benefits and count towards export obligations, bringing them on par with foreign-currency receipts. Exports financed through EXIM Bank or Government of India lines of credit may also be invoiced in rupees.
The ACU is a regional payment arrangement established in 1974 to facilitate trade settlements and reduce repeated transfers of foreign exchange by periodically settling the net obligations of its members. It has nine members Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka represented by their central banks or monetary authorities. For exports to Bangladesh, Iran, Maldives, Myanmar, Pakistan and Sri Lanka, contracts must use a currency determined by the ACU. However, invoicing and settlement may also follow directions issued by the Reserve Bank of India (RBI). Nepal and Bhutan are treated separately. Export contracts with these two countries must generally be denominated and settled in Indian rupees or according to RBI directions.
The amendment aligns the FTP with RBI's Foreign Exchange Management regulations issued in 2023, which already allow wider use of the rupee in international payments. Earlier, exporters receiving rupee payments through an RBI-approved banking channel were not always certain whether such receipts would qualify for FTP benefits or count towards their export obligations. The new rules remove this uncertainty by placing eligible rupee receipts on par with foreign-currency earnings. GTRI Founder Ajay Srivastava said rupee settlement may reduce currency-conversion costs and exchange-rate risks for Indian exporters.
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